Electrovaya Inc. (NASDAQ:ELVA) Sees Significant Growth in Short Interest

Electrovaya Inc. (NASDAQ:ELVA) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 62,800 shares, a growth of 11.3% from the August 15th total of 56,400 shares. Based on an average daily trading volume, of 29,700 shares, the days-to-cover ratio is currently 2.1 days. Currently, 0.3% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Craig Hallum decreased their price objective on shares of Electrovaya from $9.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price target on shares of Electrovaya in a research note on Wednesday, August 14th.

Institutional Investors Weigh In On Electrovaya

An institutional investor recently bought a new position in Electrovaya stock. Worth Venture Partners LLC bought a new position in shares of Electrovaya Inc. (NASDAQ:ELVA) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 820,538 shares of the company’s stock, valued at approximately $2,510,000. Electrovaya accounts for about 1.4% of Worth Venture Partners LLC’s investment portfolio, making the stock its 22nd largest holding. Worth Venture Partners LLC owned approximately 2.42% of Electrovaya at the end of the most recent quarter. Institutional investors own 22.47% of the company’s stock.

Electrovaya Price Performance

Shares of NASDAQ ELVA opened at $2.28 on Wednesday. Electrovaya has a twelve month low of $1.67 and a twelve month high of $4.58. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.54. The firm has a 50-day moving average of $2.21 and a two-hundred day moving average of $2.84.

Electrovaya (NASDAQ:ELVA) last released its earnings results on Tuesday, August 13th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.06). The business had revenue of $10.27 million for the quarter, compared to analyst estimates of $17.84 million. Electrovaya had a negative net margin of 1.34% and a negative return on equity of 8.02%. As a group, research analysts expect that Electrovaya will post -0.04 EPS for the current fiscal year.

About Electrovaya

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.